FxWirePro: EUR/AUD set to for bigger drop, but close below key fibo needed

• EUR/AUD dipped on Tuesday  as investors awaited further signals regarding when central banks would start implementing rate cuts..

•  European Central Bank poll showed consumers have trimmed their expectations for inflation over the next 12 months, in a sign the ECB's credit-tightening efforts are having an impact. 

• EUR/AUD has moved below 38.2%fib support, signals suggest a corrective drop may be in store for EUR/AUD

• Technical are bearish  as RSI is at 46 bearish, daily and  5, 10 & 21 Mas is heading down  .

• Immediate resistance is located at 1.6756 (23.6%fib), any close above will push the pair towards 1.6628( Higher BB)

• Support is seen at 1.6485 (50%fib) and break below could take the pair towards 1.6418(61.8%fib).

Recommendation: Good to sell  around 1.6490 with stop loss of 1.6570  and target price of 1.6490